3737 Chestnut Apartments, a 25-story mixed-use development, is located at the intersection of 38th and Chestnut Streets. Developed and formerly owned by Radnor, 3737 consists of 276 apartments for University of Pennsylvania students and young professionals, providing one-bedroom and two-bedroom units. The building was sold to a joint-venture between Korman Residential and The Carlyle Group in July 2017 for $118 million, or $544 per square foot.
Amenities include underground parking with 24 spaces, fitness center, cyber café and lounge area, recreation room with gourmet kitchen, a lounge/library, an exterior garden terrace, a rooftop sunbathing deck and outdoor grilling and fire pit areas. The ground floor consists of 6,000 square feet of retail. Construction commenced in October 2013 and was completed in October 2015. Throughout the design and construction process, the team coordinated and methodically updated pricing to reflect current market conditions. Ultimately the project was delivered on-time and on-budget to pro-forma projections.